West Virginia is known for its Civil War history, luxurious resorts, and exquisite architecture. The state boasts high mountain peaks and opportunities for thrilling outdoor activities. One of the most beautiful sites in West Virginia is the New River Gorge Bridge in which you can frequently see people bungee jumping or parachuting from. Charleston is the capital and largest city in West Virginia. With the 8 million people who live in West Virginia, many of them will be looking for mortgages. Numerous lenders are ready to help you find the right loan for you.
West Virginia Mortgage Rates
If you choose to get an adjustable rate mortgage, the rate for a 7/1 ARM is 3.35%. The rate for a 5/1 ARM is 3.30%, and the rate for a 3/1 ARM is 3.35%. A fixed rate offers more stability. The rate for a fixed rate mortgage in West Virginia is 3.99%. For a 20-year fixed rate loan, the rate is 3.75%, and the rate for a 15-year fixed rate loan stands at 3.24%. Fixed rates have recently decreased slightly, and adjustable rates have recently increased slightly. With an adjustable rate mortgage, your rate will change after a certain period. This might be good if you get a higher interest rate than you want or if you are planning to stay in your home temporarily. For a fixed rate mortgage, your rate will not change. This will make it much easier to budget.
Types of Mortgages in West Virginia
There are several types of loans in West Virginia for you to choose from. Make sure you know the advantages of each type, so you can make an informed decision.
- FHA mortgages: This government-backed loan offers to allow you to only make a 3.5% down-payment. It is perfect for first-time homebuyers as the loan has more lenient credit requirements. It is the most popular loan available.
- VA mortgages: This loan is also backed by the federal government and provides loans to military members and veterans. The VA provides 100% of the funding, so you do not need to put any money down.
- USDA mortgages: The US Department of Agriculture provides this loan to people who have less income.
- Conventional mortgages: A popular type of loan that is not backed by the government. You can obtain this loan with as little as 3% down-payment.
West Virginia Mortgage Laws
Lenders in the state are required by law to give you a Truth in Lending Disclosure and a Good Faith Estimate before you are approved for the loan. These documents prevent lenders from not disclosing the exact cost and fees associated with the loan. The Truth in Lending document informs you of the total cost of the loan, total number of payments, and annual percentage rate. The Good Faith Estimate must disclose all of the cost that you will have at the closing. In addition, lenders cannot discriminate against you for any reason. They must be upfront and honest about all aspects of the loan.
Applying for a Mortgage in West Virginia
Applying for a mortgage might seem complicated and complex. However, if you find the right lender, he can make it easier than you think. A good lender will walk you through the process. First, you want to get pre-qualified for the loan, so you will know exactly how much money the lender will give you. You complete an online application and submit all of the necessary paperwork that you will need to complete the loan. A lender will order an inspection and an appraisal of the home. The lender will also examine your credit and income information. After everything is complete, you will schedule a closing, and you can enjoy the privileges that come with owning a home. The mortgage loan process takes up to 45 days.